All Forum Posts by: Josue Vargas

@Champ Leong Who knows, with lack of description hard to say.  Did you see any vent pipes or any pipes within the structure foundation or nearby?  Did you see any studs or bolt patterns sticking up around the small concrete dome on the surface of what it looks like a brick pad?  Whatever this is, most likely is not in service... Ask the current owners.  

 Sorry but I disagree with the "slab jacking" method.  That concrete looks like over 50 yrs old and needs to be replaced, there is no way to get this staircase back to the original shape.  It also looks like the stairs are not uniform in height, creating a safety issue.  Most likely issue is the uncompacted soil beneath the staircase (or possibly swelling soils - lots of silt).  Concrete slab leveling/jacking is more effective when you have the whole structure underneath the issue - the property slab.  For sidewalks or staircase of this type, better off by demoing it, remove unstable soils, replace with good aggregate base course, then form, place rebar, and place concrete.  

Unfortunate.  You can sue but most likely you will not win the case because it was a verbal agreement... not sure, talk to a lawyer/attorney.  No signed Real Estate agreement is equal to no agreement at all in most states.  However, I will strongly recommend you get an agent or broker to represent you in the future.  They will know what to do and most likely avoid this type of situations.  Good luck. 

@David Barwick

I like to think the same way lenders/bank think when they are lending money. How much risk am I willing to take?

I personally like to ask for the applicant to provide any revolving payments (car, student loans, Credit Card balances/monthly payments, personal loans, alimony, etc.) to figure out their debt-to-income ratio (back end) the best I can.  Sometimes you will have to rely on the information they provide, but at least you will have a sense of their credit capability. Credit reports will help you, but sometimes they are not that specific.

All said, I prefer to have someone with good credit meaning they are mostly responsible for payments than people with bad credit. Also people with enough cap and income will probably leave the property because they have the ability to purchase a home, meaning you will have some vacancy and all other costs associated with the turnover. 

@Joseph Cacciapaglia

;)

Yes, I can see it on the map.  

No slow time, indeed is very active. Today, how hard is to find a good property, how long a property stays in the market, and how many offers do you have to beat to only be in the top 5 contender? Now imagine a competitive market of investors outside the MLS. I think is still very competitive, within the open market and the off listing properties.

Reading from the above, is there a San Antonio within Denver?  

San Antonio in TX has grown and still growing so much, a lot of Denver, California, Washington, and Oregon car plates seen around.  Wonder why... 

There are a lot of new construction for multifamily all around San Antonio.  South and southeast are kind of revitalizing (similar to Austin).  North side is established as a desirable area, and still growing so much as well, a lot of highway expansion is happening along 1604, 281, I-10, etc.  A lot of empty land and lots for sale, both commercial and residential.  Good luck.  

@Brock Bolduc

Do you mean: Why would you not sell a rental property to get the equity and reinvest in a sellers market?  Not sure if that was your question, but if you sell your investment property you bought at X, and now worth XX, you would have to do a 3031 Exchange or pay taxes on the difference you make.  In other words you need to reinvest in order to avoid income taxes on the appreciation of the sale.  So... in this market, would that be a good idea?  Maybe, but probably not.  

If you have a substantial appreciation on your property and sell on market value, and then use that money to buy deals and not paying taxes, and I mean deals (market is still very competitive), then go for it.  

@Joe S.

Look at comps for the lot.  Call contractors and get estimates to demolish and empty the lot.  Beware of foundations and utilities, etc.  Consider RE commissions, taxes, and other costs.  Do the math plus add other unknowns such as permits, changes in the deed, along other expenses.  

@Yangbin Tong Call your insurance policy company, and also shop around. Having your property under an LLC is not the same as having it properly insured. LLCs have some protection against your personal liability, but ultimately is not an insurance policy.  Like someone else said here, insurance policies are more important than LLCs for coverage and protecting you against things you do not control. 

I would recommend to talk to an insurance broker.  They will look at many options (companies) and can shop around in your behalf and save you money for whatever insurance suits you best.